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Your Money is Safe with Tri-Co
Your money is safe with Tri-Co
The share insurance at Tri-Co is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Share accounts in federally insured credit unions are insured to at least $250,000, an amount equal to the insurance protection offered by the FDIC.Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000. Insurance coverage has also been increased to $250,000 on retirment accounts, and if a member has a regular share account and an Individual Retirement Account in the same credit union, insurance can exceed $250,000. The NCUA Insurance booklet, available in our branches, gives a more detailed explanation of insurance coverage. Also, the NCUA offers a Share Insurance Estimator on its website to help you better understand the protection offered by the NCUSIF. This interactive site allows you to input hypothetical data to compute the amount of NCUSIF coverage available under different account structure scenarios. This resource is available at http://www..ncua.gov.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.
Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of a least 1%. NCUSIF ration of equity to insured savings ranges from 1.25% to 1.30%.
As a member of Tri-Co Federal Credit Union, you do not pay directly for your share insurance protection. Tri-Co Federal Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.
